to download Telecom Italia Annual Report 2011 - Company Reporting

Statements of Cash Flows
(millions of euros)
Year
2011
Year
2010
Cash flows from operating activities:
Profit (loss) for the year (3,571) 3,513
Adjustments for:
Depreciation and amortization 3,793 4,107
Impairment losses (reversals) on non-current assets (including investments) 5,829 648
Net change in deferred tax assets and liabilities 138 11
Losses (gains) realized on disposals of non-current assets (including
investments) (31) 4
Change in employee benefits (222) 57
Change in inventories (13) 55
Change in trade receivables and net amounts due from customers on
construction contracts 132 292
Change in trade payables (196) (474)
Net change in current income tax receivables/payables 29 (231)
Net change in miscellaneous receivables/payables and other
assets/liabilities (124) (408)
Cash flows from (used in) operating activities (a) 5,764 7,574
Cash flows from investing activities:
Purchase of intangible assets on an accrual basis (2,351) (1,230)
Purchase of tangible assets on an accrual basis (1,771) (1,788)
Total purchase of intangible and tangible assets on an accrual basis (4,122) (3,018)
Change in amounts due to fixed asset suppliers 510 (113)
Total purchase of intangible and tangible assets on a cash basis (3,612) (3,131)
Acquisitions of control of subsidiaries or other businesses, net of cash
acquired - -
Acquisitions/disposals of other investments (42) (200)
Change in financial receivables and other financial assets (313) 184
Proceeds from sale/reimborsements of intangible, tangible and other noncurrent
assets 60 (29)
Cash flows from (used in) investing activities (b) (3,907) (3,176)
Cash flows from financing activities:
Change in current financial liabilities and other 788 260
Proceeds from non-current financial liabilities (including current portion) 4,083 1,879
Repayments of non-current financial liabilities (including current portion) (6,391) (6,859)
Share capital proceeds/reimbursements - 23
Dividends paid (1,190) (1,034)
Cash flows from (used in) financing activities (c) (2,710) (5,731)
Aggregate cash flows (d=a+b+c) (853) (1,333)
Net cash and cash equivalents at beginning of the year (e) 2,136 3,469
Net cash and cash equivalents at end of the year (f=d+e) 1,283 2,136
Report on Operations Financial Statements – Telecom Italia S.p.A. 94